SUDBURY, ONTARIO--(Marketwire - Nov. 13, 2012) - Ginguro Exploration Inc. (TSX VENTURE:GEG) today reported the discovery of a near-surface gold trend at its Pardo Gold Project located 65 km northeast of Sudbury, Ontario.
The newly identified Silver Lake Trend extends over an area of approximately 1,000 meters in a north/south direction. A total of 13 grab samples have been assayed from across the zone. The Gold content ranges up to 9.3 g/t, and only two samples yielded negligible grades of gold. The average grade of the 13 samples is 2.7 g/t Au.
The Silver Lake Trend is characterized by quartz pebble conglomerates, which form a series of flat lying to shallow dipping layers or reefs. The conglomerates contain fine pyrite and respond well to a portable spectrometer, which indicates the presence of uranium. The spectrometer has proven highly effective in tracing the Silver Lake Reefs under soil cover. The area at Silver Lake Trend is geologically similar to gold reefs that are found in the paleo-placer gold deposits of the Witwatersrand basin in South Africa.
Ginguro recently started a program of stripping and washing of the southern portion of the mineralized reef. Photos of the recently exposed conglomerate can be seen on the Company's website at www.ginguro.com. The reef is currently being channel sampled, and assays are expected later this month.
The Silver Lake Trend is one of 5 distinct areas identified on the Pardo property that demonstrate gold mineralization at or near surface with sufficient grade and potential size/extent to justify further evaluation, with a view to ultimately defining an economic gold resource on one or more of the 5 areas. A map indicating the location of the areas can be seen on the Company's website at www.ginguro.com.
The Silver Lake Trend is being prepared for drill testing. The Silver Lake Trend as currently defined is situated 80% on wholly owned Ginguro claims, while 20% is located on the Pardo JV property. Ginguro holds a 55% interest in the Pardo JV and is increasing its interest by funding 100% of the current budget program. Endurance Gold Corporation holds the remaining interest in the Pardo JV.
Ginguro recently completed its drill program that was initiated in mid-September. A total of 1,507 meters were drilled in 67 boreholes. Partial results from 25 holes, including 8.1 g/t Au over 1.25 meters were recently announced (see press release dated October 27, 2012). Full assay results from these 25 holes, as well as the subsequent 28 holes drilled, are pending and will be released when received.
Ginguro Exploration Inc. is a mineral exploration company focused on the advancement of its Pardo paleo-placer gold property, located in Pardo Township in northern Ontario and of its El Alto IOCG property located north-west of Santiago, Chile. To learn more about Ginguro Exploration Inc., please visit: www.ginguro.com.
The Qualified Person responsible for the geological technical content of this news release is Richard Murphy, P.Geo, President and CEO of Ginguro Exploration Inc.
Statements in this release that are forward-looking statements are subject to various risks and uncertainties concerning the specific factors disclosed under the heading "Risk Factors" in the Company's filings with Canadian securities regulators. Such information contained herein represents management's best judgment as of the date hereof based on information currently available. The Company does not assume any obligation to update any forward-looking statements, save and except as may be required by applicable securities laws.
Pardo samples are transported in security sealed bags for preparation at AGAT Prep Lab located in Sudbury, Ontario. Prepped samples are shipped for analysis to the AGAT Assay Laboratory in Mississauga, Ontario. AGAT Laboratories Ltd. is an ISO 17025 registered laboratory. Samples are analyzed by industry standard 50 gram fire assay fusion with atomic absorption spectroscopy (AAS) finish, and a gravimetric finish on samples exceeding 10 g/t gold. The Company inserts a certified reference standard or an analytical blank in every batch of 20 samples. Validation parameters are established in the database to ensure quality control.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.